Sheikh Khaled breaks his silence over claims that he has agreed a £350m deal to buy Newcastle United

The Daily Mail contacted those close to Sheikh Khaled, who claims a deal between himself and Mike Ashley is 'concluded'.

However, the latest update from Newcastle sources has been to deny that a takeover is close, though admit talks have taken place.

Social media quickly went into meltdown late last night when an article by The Sun stated Ashley had agreed to end his disastrous 12 years on Tyneside.

The Sun claimed contracts have been signed and submitted to the Premier League, who issued a "no comment" stance on Monday morning - which sparked further speculation.

Fans had previously questioned the delay over Rafa Benitez's future but should reports prove to be accurate, it provides an explanation which will delight to Geordie-faithful.

Representatives also confirmed they want the 58-year-old to remain at St James's Park and are willing to provide the craved funds for him to bolster his squad.

It has been well-documented that Sheik Khaled is related to Manchester City owner Sheik Mansour, who has transformed the club since his arrival in 2008.

Sheik Khaled failed in a £2billion bid to takeover Liverpool in August after he was unable to provide proof of funds or £25m deposit/down payment.

That said, Sheik Khaled is said to be confident that he will seal a £350m deal and acquire Newcastle United but only time will tell.

Given the likes of Amanda Staveley and Peter Kenyon have fell short in their takeover pursuit, the news has certainly been met by plenty of scepticism.